Investcorp acquires Playground Equipment

The global investment firm has announced its second major deal in 2003, paying $280m for the US-based playground equipment company.

( Global investment group Investcorp announced last week it acquired recreation equipment and playground company PlayPower.


The transaction size was approximately $280m, according to a source familiar with the deal. Terms of the deal were not disclosed. PlayPower’s management team and other international investors also bought equity in the transaction.


PlayPower manufactures indoor and outdoor playground systems, water slides, floating docks and boat lifts, and running tracks. The company has grown organically and through acquisitions.


In January, Investcorp acquired Aero bed maker Aero Products from Miami-based Trivest for $231.5m. Trivest invested $30m in the company and held it for only 17 months.


Prior to that, Investcorp’s last major deal was in March 2001, when the firm committed $55m to portfolio company SI Corp, a manufacturer and marketer of fabrics for support, strength and stabilization applications primarily in the construction materials, carpet backing and technical textiles industries, along with the conversion of more than $120m of debt into equity. In January 2001, the firm acquired the assets of conferencing services company Executive Conference from Teligent, which is undergoing bankruptcy proceedings, for $60m.


Founded in 1982, Investcorp is a global investment group with offices in New York, London and Bahrain. The firm invests in the corporate, real estate, asset management and technology sectors, and has completed transactions with an aggregate value of approximately $20bn. The firm typically invests in companies with an acquisition value ranging from $100m to $2bn.